It appears I have solved the issue; Here's the rest of my journey for anyone else who may have this issue:
Starting from the above screen shot:
Tried to re-partition the existing partitions into a single 4TB
Failed with error:
Erased main drive, yielded a 4TB partition. Partition map showed a non-removable 0kb "Untitled" partition.
Proceeded to partition as 2/1/1TB (Note the odd-looking graph)
The "Untitled" partition is gone, and Disk Utility shows the partitions correctly on the graph, but is missing a partition on the list.
Quitting/Restarting Disk Utility now shows the previously missing partition. All seems well from this point.
Seems like buggy native software from Apple; Sad to see... I will report back if something goes wrong.